President Bola Tinubu has revealed that two of Nigeria’s most influential global investors, Hakeem Bello-Osagie and Bayo Ogunlesi, are in advanced discussions to channel massive resources into Nigeria’s oil and gas sector, with indications pointing toward a refinery project that could rival the $20 billion Dangote Refinery.
Tinubu disclosed this after a meeting with the duo in Lagos on Monday, describing them as “our sons of the soil and Nigerians in the diaspora” whose credibility and global networks would help reposition the country’s energy sector.
“We agreed on the urgency of unlocking large-scale investments in upstream oil and gas and critical infrastructure to drive Nigeria’s long-term growth,” the president said. “Nigeria remains ready to partner with credible global investors to deliver energy security and modern infrastructure that powers prosperity across Africa.”
The move comes amid repeated setbacks at the Dangote Refinery, which has faced operational bottlenecks since its commissioning.
The latest disruption followed the shutdown of the plant as oil workers under the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) enforced industrial action, stalling production and raising fresh questions about the facility’s stability.
Against this backdrop, the entry of Bello-Osagie and Ogunlesi signals what many industry players see as a credible alternative.
Bello-Osagie, a former chairman of United Bank for Africa and founder of Metis Capital Partners, is one of Nigeria’s most seasoned investors with interests spanning telecommunications, energy, and finance.
Ogunlesi, chairman of Global Infrastructure Partners and lead director at BlackRock, manages one of the world’s largest infrastructure funds with multi-billion-dollar stakes in airports, energy facilities, and transportation assets across continents.
Analysts note that their combined pedigree and access to international capital could unlock a project that not only rivals Dangote’s refinery but also reshapes Nigeria’s refining capacity.
With Tinubu’s reforms promising a more enabling business environment, their potential investment could provide the stability the oil sector has long sought.
“Our administration’s reforms are creating a better enabling environment whilst opening new frontiers for sustainable financing, global capital, and transformative projects,” Tinubu stressed. “We are determined to make Nigeria Africa’s premier investment destination.”
The development has already sparked speculation that Nigeria could soon host another world-class refinery to ease the nation’s reliance on fuel imports, reduce frequent supply disruptions, and offer a competitive edge to Dangote’s troubled operations.
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